Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Richard Jay Rustic (CRD#: 1128406, Bristol, Connecticut). Rustic has been registered with Commonwealth Financial Network since February 26, 2002. Previously, he was affiliated with First Investors Corporation from April 1983 to February 2002.
Recent disclosures reveal concerns regarding Rustic's professional conduct, specifically allegations of fiduciary duty breaches in connection with beneficiary changes on client accounts.
On February 23, 2024, a client’s daughter filed a complaint against Rustic, alleging that he breached his fiduciary duty by permitting her deceased father to sign a change of beneficiary form, thereby altering the designated beneficiaries of several IRAs. The modification allegedly removed the daughter as a beneficiary and replaced her with the decedent’s spouse. This dispute is currently pending in the Connecticut Superior Court under case number HHD-CV-24-6181034S.
Similarly, on August 13, 2023, another dispute with identical allegations was initiated against Rustic. The client’s daughter claimed that Rustic improperly allowed the deceased individual to modify IRA beneficiaries in favor of the spouse. This case remains unresolved in the Connecticut Superior Court under docket number HHD-CV22-6153616-5.
Both complaints do not specify any damage amounts and remain under review.
Looking for more information about Richard Rustic? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities lawyer. Soreide Law Group works on a contingency basis, advances all costs, and helps investors across the country with recovering losses from sales practice misconduct. Rustic and Commonwealth Financial Network deny accusations of sales practice violations.
In a recent article from Financial Advisor they state that the customers of Kestra have filed a complaint against the broker/dealer with the Financial Industry Regulatory Authority’s (FINRA) arbitration service. The article states that the customers allege that one of Kestra’s representatives led them to a volatile and unsuitable exchange-traded product. Additionally, they allege he […]
Investors potentially incurred losses because of securities broker Diego Soares Bacellar [CRD: 6808326, Miami, Florida], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Diego Bacellar worked for Northwestern Mutual Investment Services LLC from April 8, 2019, to May 1, 2026. Investors are encouraged to continue reading to discover more about the disclosures involving […]
Investors apparently complained about securities broker Mark Allen Herding [CRD: 2239357, Phoenix, Arizona], based on disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Herding worked for Cambridge Investment Research Inc. from October 19, 2012, to February 14, 2018, and Cambridge Investment Research Advisors Inc. from November 15, 2012, to February 14, 2018. Since January 31, […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com